Monday, March 26, 2007
Shares fall as market consolidates (5:30 p.m.)
MANILA -- Philippine shares dropped Monday as many investors stayed out of the market after last week's gains.
The 30-company Philippine Stock Exchange Index fell 20.01 points, or 0.6 percent, to 3,150.04, after rising 3.5 percent last week.
"Investors feel it's better to stay on the sidelines for the meantime in the absence of leads that could excite the market," said Unicapital Securities research head Ron Rodrigo.
He added investors were being cautious ahead of May's midterm elections.
Philippine Long Distance Telephone Co. was the most active, up 0.20 percent at P2,500.
There were 55 advancers and 55 decliners, while 40 stocks were unchanged.
The peso strengthened against the US currency Monday. The dollar closed at P48.070, down from P48.160 Friday. (AP) |
